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Cyber Law Guide
Offshore Incorporation Options
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If you've always wanted to Incorporate offshore for
tax benefits but have no idea where you can incorporate, this list will help
you.
British Virgin Islands
A BVI Corporation can be formed in 3 business days. The main advantage is that
only one director or shareholder is required. This can be one and the same
person, or it can be another corporation.
There is no requirement to appoint local
shareholders, directors or a secretary. A BVI Corporation can maintain a bank
account in the BVI as well as hold shares of another BVI company. It may not
carry on business activities with BVI residents, act as an insurer, or initiate
any business connected with banks or trusts without special licensing.
Seychelles
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This is an island group
located in the Indian Ocean just off the east coast of
Africa and north of Madagascar. An offshore corporation can
be set up in Seychelles faster than almost anywhere else –
often in as little as one day. Since passage of the
International Business Companies Act of 1994 – regulating
offshore trusts, offshore banking, offshore insurance,
international shipping and aircraft registration – offshore
financial services has become the major industry. A
Seychelles Corporation requires one director and one
shareholder – however, either or both of these may be a
natural person or a corporate entity. Local residents may
act as proxy directors or shareholders, and corporate
meetings may be held anywhere in the world. Legal
requirements regarding management structure is possibly the
most flexible of anywhere in the world.
Hong Kong
Since the first Portuguese traders arrived in 1513, Hong
Kong has been a center of trade and commerce. The former
British Crown Colony reverted to the control of the
communist government in Beijing in 1997, however the
agreement between the U.K. and the People’s Republic of
China insures that Hong Kong will remain virtually
autonomous and continue to maintain its own systems of law,
monetary policy and customs through the year 2047.
If you plan to do any business in Asia at all, you should
investigate setting up a Hong Kong corporation. Aside from
having the least restrictive economy in the world, Hong Kong
is virtually the crossroads of Asia with easy access to the
Philippines, Indonesia, Singapore, Vietnam, Thailand, Taiwan
and the PRC. Taxes are low and the taxation system is much
simpler than many other places. In addition, flow of
information is virtually unrestricted over a
state-of-the-art infrastructure.
Belize
Formerly known as British Honduras, this country offers many
of the same benefits of other off-shore locations as far as
privacy, taxation and ease of operation. In fact, under
Belize corporate law, bookkeeping and annual accounts are
not even required! The Belize IBC Registry is fully
computerized, and a corporate entity can be formed in as
little as an hour.
There are some caveats, however, as the stability of this
country may be in question. Although legally an independent
member of the British Commonwealth, neighboring Guatemala
has long claimed Belize as a province of its own country. As
of this writing, the border dispute has yet to be resolved.
In January 2005, there were civil disturbances among the
citizens over substantial tax increases in light of
government incompetence and corruption. Union employees
refused to report for work for two days, and citizen
frustration boiled over into a violent demonstration in
front of the National Assembly Building in Belmopan. It was
the third such disturbance in twenty years.
You now know what options you have for offshore
incorporation. Make sure to choose the option that best
suites your business needs.
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